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Posted: Thu Dec 13, 2007 11:34 am
by cr15py
I've just seen a situation with I think it was 25 creditors, and only two voted, so I was wondering what would happen if NO VOTES were received from the creditors. Presumably it has happened at some point in the past?
Posted: Thu Dec 13, 2007 11:46 am
by debbiw
The meeting would be ajourned.
Posted: Thu Dec 13, 2007 11:51 am
by caraf
Thanks for that Debbiw !!! another valueable piece of advise.
Thank you and good luck.
Posted: Thu Dec 13, 2007 1:30 pm
by Adam Davies
Also if one or two of your creditors voted no but it was less than 25% of your debt your IP would adjourn and try to muster up some yes votes.
If creditors who in total hold more than 25% of your debt vote no then it is all over
Regards
Andy Davie
IVA.co.uk Spokesperson and Website Manager
About me:
http://www.iva.co.uk/andy_davie_profile.asp
IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp
Posted: Thu Dec 13, 2007 1:35 pm
by cr15py
OK thanks guys, just something I was wondering - especially with the number of creditors who appear not to be voting from what I see on the forums!
Posted: Thu Dec 13, 2007 4:43 pm
by size5
It is important to also think of it the other way round. I have seen an IVA go through with £20000 of debt where only 1 creditor voted. The share of the debt was negligible but because it was a yes vote then 100% of the votes cast were in favour so happy days.